DIRS.INFO top alerts submit data jurnalism about API
login
Top related persons:
Selena Li - 1 Samuel Shen - 1 Devika - 1
Top related locs:
HONG KONG China Swiss Beijing Hong Kong Shanghai
Top related orgs:
UBS - 1 Credit Suisse - 1 UBS SDIC Fund Management - 1 ICBC - 1 Asset Management - 1 Industrial - 1 Commercial Bank of China - 1 ICBC Credit Suisse - 1

Search resuls for: "UBS SDIC Fund Management"


2 mentions found


☆ UBS shelves plan for new China fund unit, takes over Credit Suisse joint venture, sources say
  + stars: | 2023-07-11 | by ( Selena Li Samuel Shen | Selena Li | Samuel Shen | ) www.reuters.com   time to read: +2 min
HONG KONG, July 11 (Reuters) - UBS (UBSG.S) has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said. Suspending its original plan was mainly due to China's regulation that stipulates any company can own no more than two fund management firms in the market, the people said. UBS already owns 49% of fund firm UBS SDIC Fund Management in China, while its emergency takeover of rival Credit Suisse in mid-June left the bank with a 20% stake in ICBC Credit Suisse Asset Management - a joint venture with the world's largest lender Industrial and Commercial Bank of China (ICBC) (601398.SS). Credit Suisse, UBS and ICBC Credit Suisse declined to comment. The Swiss banking behemoth factored in lucrative income that the joint venture brings in, according to one of the people and a third source with knowledge of the matter.
Persons: Selena Li, Samuel Shen, Devika Organizations: UBS, Credit Suisse, UBS SDIC Fund Management, ICBC, Asset Management, Industrial, Commercial Bank of China, ICBC Credit Suisse, Thomson Locations: HONG KONG, China, Swiss, Beijing, Hong Kong, Shanghai
☆ JPMorgan, UBS and others vie for bigger share of China's pension market
  + stars: | 2022-11-30 | by ( Selena Li Jason Xue | Selena Li | Jason Xue | ) www.reuters.com   time to read: +4 min
China on Friday launched its first private pension scheme in 36 cities as it grapples with a rapidly ageing population, allowing individuals to open retirement accounts at banks to buy pension products ranging from deposits to mutual funds. The move marked the official launch of China's version of IRA, or Individual Retirement Accounts in the United States, a private pension scheme that offers tax advantages for individuals saving for retirement. As part of the new system, local domestic workers covered by China's public pension insurance can participate in the private pension scheme and contribute up to 12,000 yuan ($1,680) per year to their individual accounts and receive tax benefits. Eddy Wong, chief executive of China International Fund Management (CIFM), a joint venture between JPMorgan and Shanghai International Trust Co., said China's individual pension market has "huge potential and room for development". "The first movers in China's pension market enjoy an advantage," said Howhow Zhang, Greater China wealth and asset management strategy and transactions leader at consultancy EY.
0 next >>
Total: 2